The buzz around AI’s potential to save time and boost efficiency has led many companies to quickly implement it in the workplace. While administrative functions like HR, legal, and procurement were early adopters, finance initially lagged behind. However, that’s no longer the case. “The adoption of finance AI by finance functions has increased significantly in the past year with 58% using the technology in 2024 – a rise of 21 percentage points from 2023 – according to a survey by Gartner, Inc.”
Why The Surge Now?
Although finance was slower to embrace AI, some forward-thinking professionals saw its potential early on. Early adopters who experimented with AI in their businesses have demonstrated success, encouraging others to follow suit.
The surge is driven by four main use cases:
- Intelligent process automation
- Anomaly and error detection
- Analytics
- Operational assistance and augmentation (generative AI)
Finance departments deal with numbers, codes, and rules daily. AI can assist with information processing through tools like RPA and help identify errors in large datasets such as invoices, expenses, and internal claims. With the constant flow of information throughout businesses, automating these processes frees up enterprises to make better, more thoroughly considered decisions. However, they’ll need the right people to drive these initiatives and extract key insights.
Roadblocks on The Path to Automation
While the benefits of these processes are clear, CFOs face a more pressing challenge which is accessing talent and choosing the right data to support automation plans. Finding and retaining AI personnel with the necessary skills will be an ongoing struggle for finance officers due to increased interest across industries. These abilities within a workforce are rare gems that must undergo careful mining and delicate polishing to truly shine.
Once key individuals are in place, the next hurdle is deciding what information to provide the AI. As stated by Gartner®, “In terms of data quality, Gartner experts recommend considering leaving behind a “single version of the truth” data management philosophy because it is almost impossible to attain this kind of perfection given the volume and volatility of data in modern companies. The alternative is a “sufficient versions of the truth” approach that balances data quality with ensuring it is useful in decision making.”
The Future of Autonomous Finance
Finance is prime for automation due to how it operates, and AI will significantly drive down its costs. As AI reshapes the landscape, restructuring and critical rethinking will be inevitable, along with potential further integration across the business enterprise. This will be crucial as companies need to be predictive about inventory, staffing, pricing, and global supply chains. Decisions will be based on a continuous influx of information, so automation must beautifully combine forward thinking with continuous reaction.
Perficient is uniquely poised to help organizations quickly implement and benefit from generative AI because of our dedication to innovation in the space and robust change management offerings that ensure adoption and long-term success. Trusting a partner in this process will also alleviate the challenges of hiring in-house personnel with the necessary skills.
To learn more about how Perficient can help empower the office of finance with generative AI services explore our Generative AI Strategic Position today.
Gartner Press Release, Gartner Survey Shows 58% of Finance Functions Using AI in 2024, Sept 11, 2024
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
